Redundancies - Redundancy a costly risk
Katherine Brandon investigates the consequences of redundancies for brokers that may have to lay off staff
According to the British Chamber of Commerce, the UK economy is expected to shrink by 2.4% in 2009. Financial services will be one of the worst hit, with a further 34,000 financial services sector jobs likely to be lost this year. As many clients cut back on their insurance to make savings or even go into administration, some brokers may look at redundancies to reduce costs.
Redundancies should be a last resort. Michelle Thorpe, head of human resources at Broker Network, said that brokers need to
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